The Panama Canal has scheduled maintenance on the east lane of the Gatun Locks from 9-17 June as the waterway is experiencing backlogs on both ends, largely driven by the ongoing Middle East situation and disruptions in the Strait of Hormuz.
During the dry chamber maintenance, there will only be 16 slots, as shown in the following table.
The Panama Canal Authority said passage through the West Lane locks will take some additional time.
Shipping services provider WaterFront Maritime Services said the increased demand for passage through the Canal has put upward pressure on auction rates.
“The canal continues to be in high demand for securing slots, whether during regular periods or otherwise, which in turn has caused a significant increase in the auction rates,” WaterFront said in an update.
WaterFront said it has seen winning auction bids topping $1 million.
According to Asia Shipping Media’s Splash247.com, a recent Neopanamax auction hit $4 million as a tanker carrying fuel was redirected from Europe to Singapore, leading to carrier to pay the amount to secure timely passage.
WaterFront said winning bids for supers averaged between $550,000-$700,000 over the past 30 days and $550,000-$750,000 over the past 14 days.
The US is the largest user of the canal.
In 2024, 52% of transits through the canal had ports of origin or destinations in the US. More than 76% of the cargo that transited the canal had the US as its origin or destination.
The Panama Canal remains the primary route for trade between Asia and the US Gulf and East Coast.
Source: By Adam Yanelli, ICIS
